For each of the following scenarios, draw and fully label a representative supply and demand diagram
for each scenario. Show what you anticipate to be the changes to equilibrium price and quantity.
Consider the market for tea
a. the price of coffee (a substitute) decreases
b. the wages of tea farm workers decrease, on average
c. there is a change today where tea sellers anticipate an increase in the price of tea "tomorrow"
d. there is a recession and tea is an inferior good
e. there is a technological shock making it more costly to produce tea
Answers
Changes in factors such as the price of substitutes, production costs, anticipated future prices, income levels, and technological shocks can lead to shifts in the supply and demand curves for tea. These shifts then result in changes to the equilibrium price and quantity of tea in the market.
Scenario a: If the price of coffee, a substitute for tea, decreases, it would lead to a decrease in the demand for tea. As a result, the demand curve for tea would shift to the left. On the supply side, there is no direct impact, so the supply curve for tea remains unchanged. The decrease in demand would cause a decrease in both the equilibrium price and quantity of tea.
Scenario b: If the wages of tea farm workers decrease, on average, it would lead to a decrease in production costs for tea. This decrease in production costs would result in an increase in the supply of tea. Consequently, the supply curve for tea would shift to the right. On the demand side, there is no direct impact, so the demand curve for tea remains unchanged. The increase in supply would cause a decrease in the equilibrium price and an increase in the equilibrium quantity of tea.
Scenario c: If tea sellers anticipate an increase in the price of tea "tomorrow," it would create an expectation of future price increase. This anticipation would lead to an increase in current demand for tea. As a result, the demand curve for tea would shift to the right. On the supply side, there is no direct impact, so the supply curve for tea remains unchanged. The increase in demand would cause an increase in both the equilibrium price and quantity of tea.
Scenario d: If there is a recession and tea is an inferior good, it means that as income decreases during a recession, the demand for tea would increase. As a result, the demand curve for tea would shift to the right. On the supply side, there is no direct impact, so the supply curve for tea remains unchanged. The increase in demand would cause an increase in both the equilibrium price and quantity of tea.
Scenario e: If there is a technological shock making it more costly to produce tea, it would lead to an increase in production costs. This increase in production costs would result in a decrease in the supply of tea. Consequently, the supply curve for tea would shift to the left. On the demand side, there is no direct impact, so the demand curve for tea remains unchanged. The decrease in supply would cause an increase in the equilibrium price and a decrease in the equilibrium quantity of tea.
In summary, changes in factors such as the price of substitutes, production costs, anticipated future prices, income levels, and technological shocks can lead to shifts in the supply and demand curves for tea.
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Related Questions
What was the only thing Amazon sold when it first opened 25 years ago
Answers
To "finance" an asset is: A) To sell the asset for move then market value B) to lad money to buyers so they can improve portedias C) to raise maney in orjer to acquire the asset D) all Choices are correct Which of the following is a stakcholders of a Colforaxion. A) The stock exchange where the corporation is listed (3) Compectiters of the corporation ()) Suppliers of the Corporasion (D) The currency exchange for foreign corporations All of the following are characterisuics of ploprictorships except? A) limited life B) ease of formation () Income treated as part of the sole propistars income for tax purposes D) ease of rassing additional money for expansion
Answers
Limited life, ease of formation, and income treated as part of the sole proprietor's income for tax purposes are all characteristics of proprietorships.
To "finance" an asset is to raise money in order to acquire the asset. The correct option is C, "to raise money in order to acquire the asset."Explanation:
A corporation is an organization that is created to perform a specific function and is distinct from its owners, who are known as shareholders. The corporation has its own legal identity, which is separate from that of its owners, and it is responsible for its own debts and other financial obligations.
A stock exchange where the corporation is listed is a stakeholder of a corporation. The correct option is A, "The stock exchange where the corporation is listed."This is because the stock exchange plays a crucial role in determining the price of the corporation's shares,
which is a major factor in determining the value of the corporation's assets. Competitors of the corporation, suppliers of the corporation, and the currency exchange for foreign corporations are not considered stakeholders of a corporation.A proprietorship is a type of business organization in which a single individual owns and operates the business.
The correct option is D, "ease of raising additional money for expansion." This is because proprietorships face significant difficulties in raising additional funds for expansion,
which may limit their growth potential. Limited life, ease of formation, and income treated as part of the sole proprietor's income for tax purposes are all characteristics of proprietorships.
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a 5.5%, 20-year municipal bond is currently priced to yield 7.2%. for a taxpayer in the 33% marginal tax bracket, this bond would offer an equivalent taxable yield of:
Answers
The municipal bond would provide an equal taxable yield of about 10.75% for a taxpayer in the 33% marginal tax bracket.
A taxpayer is a natural person, business, or other entity that must pay taxes. The government may provide identity or reference numbers to individuals or businesses as modern taxpayers.
One who pays taxes is often referred to as a "taxpayer". A taxpayer is a person or a business that must pay taxes to local or federal taxing authorities.
Taxes can take many different forms, including income taxes and/or property taxes levied against owners of real property (such as homes and automobiles).
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Which economic tool would most likely be used as part of an expansionary
monetary policy?
O A. Selling treasury securities
B. Raising the reserve requirement
C. Reducing the discount rate
D. Increasing interest on reserves
Answers
Answer:
C. Reducing the discount rate
Explanation:
Expansionary monetary policies are macroeconomic undertakings by the Federal Reserve that aim at stimulating economic growth in the economy. Expansionary policies result in an increased flow of money in the country, which increases the aggregate demand.
The discount rate is the rate at which the Federal Reserve (the Fed ) charges commercial banks for advancing them credit. Reducing the discount rate makes loans from the Fed more affordable. Commercial banks will opt to borrow from the Fed at lower rates and lend out to households and firms at a higher interest rate, thereby making profits. Reducing the discount rate increases the money available for banks to lend out. Households and businesses will borrow this money for development and investments, which ignites economic growth.
Answer:
reducing the discount rate
Explanation:
ap3x
a is a continuous increase or decrease in a variable that is consistent over a long period of time.
Answers
A trend is a continuous increase or decrease in a variable that remains consistent over a long period of time. A trend can be linear, where the increase or decrease occurs at a constant rate, or it can be non-linear, with varying rates of change.
In the context of data analysis and statistics, a trend refers to a consistent pattern of increase or decrease in a variable over an extended period. It represents the long-term direction or trajectory of the variable and can be observed by analyzing data points across different time periods. For example, if the variable consistently shows an upward movement over several years, it indicates a positive or upward trend. Conversely, if the variable consistently declines over time, it represents a negative or downward trend. Identifying trends is valuable for understanding and predicting the behavior of variables, whether it's in economics, finance, demographics, or other fields. Trend analysis can help businesses and policymakers make informed decisions, forecast future outcomes, and develop strategies based on the observed patterns.
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According to the video, what are some qualities needed by workers involved in sales? Check all that apply.
physical strength
politeness
first-aid skills
good speaking skills
Answers
Answer:
B and D
Explanation:
According to the video, politeness and good speaking skills are qualities needed by workers involved in sales. Thus, options B and D are the correct options.
What Does a Sales Representative Do?Simply said, a sales representative promotes a company's brand while selling its goods or services. From the first lead outreach until the actual transaction, they maintain client connections and function as the primary point of contact. It is the perfect job if you want to be in control of your career because it is mostly performance-driven, meaning how well you sell directly affects how much money you earn.
All stages of the sales process involve a sales representative having direct consumer interactions. They are in charge of determining a customer's needs, making suitable product or service recommendations, and making sure they have a great experience from beginning to end. Some sales representatives would make cold calls to potential customers they locate in company directories or client referrals.
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Scenario: NewTel, Inc.
NewTel is a telephone company with a policy of filling positions internally, through promotions, rather than hiring from outside. Until recently, the company had a strong engineering focus and tended to promote people into senior executive positions from the engineering areas. Consequently, almost all of the company’s 14 senior executives joined the company over 20 years ago in junior engineering positions. There is increasing pressure on NewTel to become more marketing and service-oriented. As a result, four people were hired last year from consumer products and retail firms to fill new senior executive positions in marketing and service management. The external hires were necessary because current employees were not sufficiently qualified. Now there are signs of tension among senior executives, particularly during budget deliberations where there is limited discretionary spending on new corporate activities. The four new hires have been frustrated in their attempts to have the company put more money into marketing and customer services instead of technology investment. The conflict episodes are viewed by both sides as personal attacks rather than attempts to resolve the problem.
The four new hires’ attempt to have the company put more money into marketing and customer services instead of technology investment. This is mainly an example of conflict due to:
A. role ambiguity.
B. lack of communication.
C. sequential task interdependence.
D. overt behaviors.
E. goal incompatibility.
Answers
Answer:
E. goal incompatibility.
Explanation:
Analyzing the scenario above, it is possible to see that the cause of the conflict is due to incompatibility of goals, that is, there are different objectives and goals between the teams and organizational departments, which causes a lack of consensus that culminates in the conflict.
This is a negative situation for the company, which is a set of systems that must operate in favor of the same objectives and goals. in order to listen to all the parties involved, and then start from a principle where everyone feels heard and integrated in the development of organizational goals, creating an environment of trust and positive relationship in the company.
What are the primary reasons people choose to invest and trade stocks?
(Select all that apply.)
to earn a dividend to earn a dividend , ,
to earn capital gains to earn capital gains , ,
to earn predictable quarterly interest to earn predictable quarterly interest , ,
to earn money that is liquid
Answers
Answer:
to earn a dividend
to earn capital gains
Explanation:
Stocks represent ownership in a corporation. Shareholders are entitled to share in the profits of the business. The portion of profits that shareholders get for contributing capital is the dividend.
Investing in stocks makes one a shareholder and gives them the right to dividends. Investors always select the stocks of companies likely to declare high dividends. Dividends is an important reason why investors opt for shares or stocks.
Stocks of corporations that are performing well financially are likely to increase in price. Investors buy stocks when prices are low and selling them when prices appreciate. That way, they can profit through capital gain.
Dividends and capital gains are the rewards that investors gain from stocks. Interest is earned on deposits and loans.
Explain the change in demand for watermelons using evidence, and show this effect on a supply and demand graph.
Answers
Answer:
Explanation:
Changes in the supply of melon
is brought about both positive and negative factors affecting supply of melon apart from the price of melon
Which type of Financial Aid am I? I am given to students who come from lower-income families and I do not need to be repaid. *
Answers
during the optimization process step of business process management, what are two key things manager look for in the process?
Answers
During optimization process, the step of business process management, efficiency and effectiveness are two key things the manager look for in process.
What is process management?Process management refers to the practice of monitoring and optimizing a company's business processes. The goal of process management is to streamline workflows, improve efficiency, and reduce costs by identifying and eliminating inefficiencies in a company's operations. The process management approach involves evaluating business processes, designing new and improved workflows, and implementing new systems and tools to improve performance. This can include automating manual tasks, standardizing procedures, and providing training to employees. Effective process management requires a comprehensive understanding of a company's operations, and a commitment to continuous improvement.
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PLEASE HELP THERE ARE TWO SCENARIOS
Scenario A
College graduates are moving back in with family in record numbers. They are waiting longer than previous generations to buy homes and start families. Data show downward trends in new home building, mortgage applications, and the birthrate. Multiple markets are complaining of falling demand. A national supplier of home goods permanently shut down. The media is calling babies born today part of the “baby bust generation.” Economists predict future school closings and labor shortages.
Scenario C
The media report that an “epidemic of the jobless” has emerged. Major corporations and small businesses alike are laying off workers. People are out of work in record numbers and struggling to find jobs. Some admit that they have given up looking. Housing foreclosures are increasing, while banks say they lack the funds to approve new loan applications or to adjust existing loans. Requests for unemployment, housing, and nutrition assistance are at record highs. Charity organizations are not receiving enough donations to meet the growing need in their communities. Credit card companies say the average debt balance is climbing while repayments are falling behind.
Would the Fed address the scenario with expansionary or contractionary policy? Explain.
What is a specific monetary action the Fed might use in this scenario? Identify the tool and how the Fed would use it. Explain how this would address the scenario.
What is a specific fiscal action that Congress might use in this scenario?
Answers
It is correct to state that the Fed will address the scenario with expansionary policy.
What is an expansionary policy?
An expansionary policy is one that seeks to increase the amount of money so that aggregate demand can be stimulated.
What is a specific monetary action the Fed might use in this scenario? Identify the tool and how the Fed would use it. Explain how this would address the scenario.When money is injected into the economy using tools such as
Examples of fiscal polices that the congress might enlist for deployment in this scenarios are:
To increase aggregate demand, Government will inject more money in to the economy by buying back bonds or embarking on projects at the state and local levels.
Reduction of taxes will also help put more money in the hands of people, thus increasing aggregate demand.
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Answer:
flvs
Explanation:
A
would the red address the scenario with
expansionarv or contractionarv policy? Explain.
The Fed would address this with expansionary.
Which means they would give out more money
What is a specific monetary action the Fed might use
in this scenario? Identity the too and how the red would use it. Explain how this would address the
The action they would use is decrease the reserve requirement. By doing this, banks would be able to give out more money Que to them not needing to
Keen as much monev in reserve
What is a specific fiscal action that Congress might use in this scenario?
Decrease taxes due to schools and labor shortages are happening. Which mean that business and schools wont need to dav as much as taxes
B
Would the red address the scenario with
expansionary or contractionary policy? Explain.
The red would use contractionary due to rising prices and it can slow down
What is a specific monetarv action the Fed might use in this scenario? Identify the tool and how the Fed would use it. Explain how this would address the
scenario
They would sell more government securities so that less money would be in circulation and daily operations being tunded
What is a specific fiscal action that Congress might
use in this scenario?
Congress might decrease taxes due to things being expensive and we needing more money to be in
circulation.
C
Would the red address the scenario with expansionary or contractionary policy? Explain.
The Fed would use expansionary policy due to people not having money and needing it.
What is a specific monetary action the Fed might use in this scenario? Identify the tool and how the Fed would use it. Explain how this would address
the scenario.
The monetary action is that they would decrease reserve requirement and buy government securities. They would give out more money and create funding programs for those who are unemployed.
What is a specitic fiscal action that congress might use in this scenario?
Decrease taxes so that others can buy food and with the money they have left, they are able to buy their needs
which situation ONLY describes a purchase with a credit card?
Answers
A situation that will happen only with a credit card purchase is D) Mike took his mother out to eat. He handed the waitress a card to purchase the meal. This charge appeared on a bill he received two weeks later.
Which situation happens with a credit card purchase?When we purchase with a credit card, it means that we do not use cash and instead the money is deducted electronically from our card.
We will then see this purchase amount on a credit card bill that is sent after some time like Mike was.
Options for this question include:
A) Ally loves her card because it is convenient to use, and she doesn't have to carry cash.
B) Don pays for lunch with his card. Each time he uses this card his checking account decreases.
C) Nancy purchased a movie ticket with her card. The money came straight out of her checking account.
D) Mike took his mother out to eat. He handed the waitress a card to purchase the meal. This charge appeared on a bill he received two weeks later.
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System of allocating goods and services without prices is called:_________
Answers
The system of allocating goods and services without prices is called a command economy.
In a command economy, the government or a central authority determines what goods and services should be produced, how much should be produced, and how they should be distributed to consumers. This is in contrast to a market economy, where prices play a central role in allocating goods and services, with consumers and producers making choices based on supply and demand. Command economies were historically used by countries that embraced socialism or communism, with the goal of achieving greater economic equality and social welfare. However, command economies have largely fallen out of favor, as they have been criticized for being inefficient and prone to corruption.
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Most internet reference sites are free to use. t/f
please select the best answer from the choices provided
Answers
Answer:
It is true the person above is wrong I have proof
Explanation:
Answer:
The answer is TRUE.
How is net pay different from gross pay? Someone please answer in at least 4 sentences explaining! Will be marking brainiest.
Answers
Employee's gross pay is their compensation before taxes, benefits, and other payroll deductions are subtracted. After all, withholdings are removed, net pay, also known as take-home pay, is the amount left over.
What are Gross pay and Net pay?The gross pay of an employee is the amount earned before taxes, benefits, and other payroll deductions are removed from their compensation. Net pay is the amount left over after all withholdings are removed.
Your net salary, often known as your take-home pay, is the amount of money you get after all deductions. The CTC is reduced by income tax, professional tax, Public Provident Fund (PPF), and other deductions. The net wage is frequently lower than the gross wage.
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ATP is a vehicle manufacturing company which purchases most of the component from suppliers all around the globe. To minimize inventory costs, management decided to use Economic Order Quantity to control its inventory level. KWP is ATP’s long-term supplier for tire, and they have agreed to strict delivery time and quality requirement. Based on the 202X budget, the following information was collected from production:1. Based on pre-order, ATP requires 5250 units of tire each month for the first 4 months of the year and 3625 units of tires each month for the remainder of the year. 2. The carrying cost per unit is R2 per year. 3. The cost per order is R1,000.
Answers
Economic Order Quantity is 7071 units to control its inventory level. The following variables are necessary to determine the economic order quantity: demand rate, setup costs, and holding costs.
What are EOQ and its formula?The following is the EOQ formula. EOQ equals the square root of [(2 times demand times ordering cost)/carrying charge]. Demand. The EOQ's assumptions state that the demand is unchanged. The measure of demand is how much inventory is used annually or how many units are sold annually.
Given,
Annual Requirement = 50,000 ( 5250 x 4 + 3625 x 8)
Carrying cost = 2 per year
Order cost = 1000 per order
Required to calculate EOQ =?
EOQ = square root of [(2 times demand times ordering cost)/carrying charge]
EOQ = √ 2 x 50000 x 1000/2
EOQ = √50,000,000
EOQ = 7071 units
Thus, the EOQ is 7071 units. Economic order quantity is crucial since it aids businesses in effectively managing their inventories. Without these inventory management strategies, businesses will frequently store excess inventory during times of low demand while holding insufficient inventory during times of strong demand. Missed opportunities result from either issue.
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What does indigenous technology mean?
Answers
Answer: I hope this is helpful mark brainlist if right then no if wrong
Explanation:
Indigenous technology is used by the native inhabitants of a country or region and it constitutes an important part of its cultural heritage. Characteristically, indigenous technologies: Are recognized as animate, imbued with the breath of life and they live in form and function.Technologies employed by the native inhabitants of a country and which constitute an important part of its cultural heritage and should therefore be protected against exploitation by industrialized countries; the problem of indigenous knowledge has been discussed during the Rio Conference but it does not receive much ...Types of indigenous technology in India are; (i) Generic Drugs. (ii) Thorium based Nuclear Reactors. (iii) Plastic RoadsIndigenous Technology is created within a sensory environment that builds on our sense of relationship, meaning, balance, feeling, memory and place as well as sight, sound, smell, taste and touchIndigenization is the process by which Indigenous ways of knowing, being, doing and relating are incorporated into educational, organizational, cultural and social structures of the institution.One example of Indigenous Technologies in action today can be witnessed in differential approaches to medicine. Medical technologies in the Western Scientific sense of the term might conjure images of biomedical research labs, electromagnetic monitors or imaging systems such as CT or MRI scans.Indigenous technology is used by the native inhabitants of a country or region and it constitutes an important part of its cultural heritage. Characteristically, indigenous technologies: Are recognized as animate, imbued with the breath of life and they live in form and function.
Why are labor unions able to negotiate effectively with companies where individual workers can't?
Help please 80 points!!!
Answers
Answer:
As said from quizzlet, Labor unions can use the power of collective bargaining and strikes to make management listen. Instead of using the power of one, easily replaced worker, the union uses the power of all workers for leverage.
Explanation:
Which one of these values can you usually expect from persons of integrity?
Answers
VALUE FROM PEOPLE WITH INTEGRITY:
- Responsibility. People who have integrity take responsibility for their actions no matter what they did.
Does this sound mean I have to send it to my teacher :
(Before you read this letter please note I don't mean any harm or disrespect)
Dear Mr. Rosenburg,
I find it very immature that you posted this statement "Today we are asking you to read first, the most important part of the assignment, and then fill the attached google doc questions."Before this statement you had already gave me notes and things to fix on my assignment. All I ask is that you take into consideration the things you post in the public chat, especially if you students deal with emotional trauma. Further more enjoy the rest of your day.
Sincerely Nevaeh
Answers
Answer:
that is not rude nor sarcastic. You should be good. If he takes it as an offense that is his problem, he shouldn't take someones feelings about an assignment as rude or ignorant.
Explanation:
Which of these investment classes is likely to have the highest investment income potential?
O Government bonds
O Real estate
O Stocks
O Corporate bonds
O Bitcoin
Answers
> Stocks offer the biggest potential return on your investment while exposing your money to the highest level of volatility.
Ralph buys new furniture for his living room from Good Times Furniture. It is agreed that the goods will be placed with a common carrier for delivery. The contract between Ralph and Good Times is ambiguous regarding whether the seller had the duty to deliver the goods only to the common carrier's hands or whether the seller had the duty to deliver the goods to Ralph's home. Unfortunately, on the way to Ralph's home, through no fault of the delivery driver, the delivery truck was wrecked and the furniture was significantly damaged.
Required:
What is true regarding the risk of loss at the time the goods were damaged?
Answers
True statement regarding the risk of loss is that Ralph bears the risk of loss when the goods are damaged since the seller fulfilled their obligation by transferring them to the common carrier.
In the case where Ralph bought new furniture from Good Times Furniture, and the goods were placed with a common carrier for delivery. The contract between Ralph and Good Times is ambiguous regarding whether the seller had the duty to deliver the goods only to the common carrier's hands or whether the seller had the duty to deliver the goods to Ralph's home.
Unfortunately, on the way to Ralph's home, through no fault of the delivery driver, the delivery truck was wrecked and the furniture was significantly damaged.In this case, the Uniform Commercial Code (UCC) guidelines govern. The UCC's guidelines include provisions regarding the risk of loss in the event of loss, damage, or destruction of goods sold.
The UCC requires that the transfer of goods occur once they have been given to the carrier, and therefore, Ralph has incurred the loss.The goods were transferred to the common carrier for delivery, indicating that the seller fulfilled their obligation when the goods were delivered to the carrier.
According to the UCC, after the goods are shipped, the buyer assumes the risk of loss, which means that the buyer has to bear the consequences of the loss. In this case, Ralph has incurred the loss because the goods were shipped, and the carrier assumed responsibility for delivering them to Ralph's house.
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If you are projecting your future financially, what are your
doing?
Risking
Forecasting
Managing
Expanding
Answers
Answer:
Forecasting
Explanation:
Because a weather forecast looks ahead for weather. You are forecasting your financial future
List three effective strategies to handle criticism, pressure, and gossip in the workplace.
Answers
Answer:
Don´t take it personally.
See criticsim as help.
Don´t be too hard on yourself.
Do not get defensive and start making excuses.
Explanation:
when an investor uses futures in a market timing strategy, the only objective is to reduce risk. true or false
Answers
The statement is false because when an investor uses futures in a market timing strategy, the objective is not solely to reduce risk.
While futures contracts can be used as risk management tools to hedge against price fluctuations, the use of futures in a market timing strategy typically involves speculating on the direction of price movements to generate profits.
Market timing strategies aim to capitalize on short-term price movements by attempting to predict the future direction of the market. By using futures contracts, investors can take positions that profit from changes in the underlying asset's price. This strategy involves taking on risk, as the investor is making a speculative bet on the future price movements of the asset.
While futures contracts can be used to reduce risk by hedging against price fluctuations, investors who use them in a market timing strategy are generally seeking to profit from market movements rather than solely managing risk. Thus, the objective of using futures in a market timing strategy is not limited to reducing risk.
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Employees tend to stay with one company for their entire careers.
Please select the best answer from the choices provided
OTrue
OFalse
Answers
Answer:The answer would be true, unless the employee had to leave for personal reasons
Explanation:
What are the eight differences between personal selling (direct contact) and non-personal selling (indirect contact, such as Internet sales)?
Answers
Answer:
internet banking facility
Match the following Teamwork Skills to their descriptions
1.
Cooperative
2.
Participates
3.
Flexible
4.
Committed
5.
Shares Openly
a.
You are willing to share ideas and knowledge
b.
You are involved in activities
c.
Works well with others
d.
You adapt to others' ideas
e.
You are responsible and dedicated
Answers
Answer:
See below
Explanation:
1. Cooperative
Works well with others: A cooperative person fits into teams easily. They willingly undertake tasks and requires no ''pushing'' to fulfill their obligations.
2. Participates
You are involved in activities. It is getting involved in events, functions, or processes as opposed to spectating.
3. Flexible
You adapt to others' ideas. A flexible person accepts and implements other people's ideas. They are not rigid and can work in different environments.
4. Committed
You are responsible and dedicated. A committed individual shows enthusiasm and willingness to achieve the set goals
5. Shares Openly
You are willing to share ideas and knowledge. One is not shy or mean in expressing their ideas and feeling with team members or third parties.
The purchase of new car is included in: investment expenditure consumption expenditure on services consumption expenditure on nondurable goods consumption expenditures on durable goods
Answers
Answer:
Consumption expenditure on durable goods
Explanation:
Consumption expenditure includes expenditure on goods which are used for final consumption by households. This can be further classified into,
i) Expenditure on durable goods that is goods that can be used over a longer life span such as cars, furniture, refrigerator, etc
ii) Expenditure on non-durable goods that are goods that have a short-life span and thus must be stored for a longer time such as food, clothing, etc
iii) Expenditure on services such as banking, insurance, traveling, etc
Thus, purchase of a new car is included in consumption expenditure on durable goods.